[ZH: We have discussed this threat over the past several years (must read).] The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in Americans retirement accounts. It seems that day may be finally drawing near.

I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely. I havent made any decisions, but will be watching closely.

Im sure the government is just trying to protect your retirement account from terrorists.

From Bloomberg:

The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agencys first foray into consumer investments.

Thats one of the things weve been exploring and are interested in in terms of whether and what authority we have, bureau director Richard Cordray said in an interview. He didnt provide additional details.

The bureaus core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPBs deliberations who asked not to be named because the matter is still under discussion.

The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau  established by the 2010 Dodd-Frank Act  sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.

“The bureaus core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams . . .”

I’ve already fallen prey to one financial scam - it’s called Social Security.

By coincidence, it turns out the amount I’ve put in my private retirement account almost exactly matches the amounts contributed by me and my employer in FICA. Yet present projections are that my private account will pay on my retirement almost *twice* what Social Security will - *and* that includes preservation of my principal for my heirs.

The last thing I want is those sharks anywhere near my individual retirement funds.

I have wondered the same thing myself. I wonder how much gold and silver are worth in areas where mass famine is happening. I think our economy is being crashed intentionally to prove the free market does not work. They think they can control chaos to impose communism/progressive end goals/people’s republic utopia. I think they can crash things, but I don’t think they have the capability to achieve anything. We will be like Zimbabwe if people don’t wise up by the 2014 election.

17
posted on 02/02/2013 7:55:15 PM PST
by MtnClimber
(I did not vote for 0bama, someone else did that!)

I have wondered the same thing myself. I wonder how much gold and silver are worth in areas where mass famine is happening. I think our economy is being crashed intentionally to prove the free market does not work. They think they can control chaos to impose communism/progressive end goals/people’s republic utopia. I think they can crash things, but I don’t think they have the capability to achieve anything. We will be like Zimbabwe if people don’t wise up by the 2014 election.

19
posted on 02/02/2013 7:59:11 PM PST
by MtnClimber
(I did not vote for 0bama, someone else did that!)

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